Malaysia's 1MDB shortlists 4 parties for its power unit

PHOTO: Reuters

KUALA LUMPUR - Malaysian state fund 1Malaysia Development Bhd said it has shortlisted four parties for the final bidding stage in the sale of its power unit, Edra Global Energy Bhd.

It did not identify the bidders.

The fund, whose advisory board is chaired by Prime Minister Najib Razak, also expects to shortlist preferred bidders for its Bandar Malaysia property project before the end of this week, it said in a statement late on Monday. "1MDB remains focused on implementation of its rationalisation plan and will issue further progress updates in due course," it added.

1MDB has been dogged by controversy over its US$11 billion (S$15.7 billion) in debt and is the subject of multiple investigations amid allegations of financial mismanagement.